Historic Four-Unit
For Sale
$864,900
15 Main Street, Bemus Point, NY 14712
Multi-unit lodging asset near Chautauqua Lake, village attractions, and public boating access.
Property Size3,604 SF
Days on Market56
Property Features for 15 Main Street
General Information
Standard status
Active
Size
3,604 SF
Property subtype
Multi Family Home
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$7,391
Amenities
private porches
gas fire pit
outdoor gathering areas
dedicated workspace
Building Details
Building Size
3,604 SF
Year Built
1912
Stories
2
Units
4
Listing Agency:
Century 21 Turner Brokers
(716) 397-3954
Listed By:
Julie Barry · License #10401361166
(716) 397-3954
Source:
Wcirealty
Added: Jun 17
Changed: Aug 7
Last Checked: Aug 10 at 11:28AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Century 21 Turner Brokers
Investment Insights
Based on property information with market context.
Built in 1912, this multifamily property contains four rental units with six bedrooms and four bathrooms. The configuration supports vacation lodging and group accommodations, with private porches and outdoor gathering areas included among the property features.
The property is located at 15 Main Street in Bemus Point, one block from Chautauqua Lake and within walking distance of local shops, restaurants, and village attractions. A public boat ramp is three blocks away, while Long Point State Park’s beach is two miles from the property. Chautauqua Institution, the National Comedy Center, and Midway State Park are also identified among the surrounding attractions.
The property is located at 15 Main Street in Bemus Point, one block from Chautauqua Lake and within walking distance of local shops, restaurants, and village attractions. A public boat ramp is three blocks away, while Long Point State Park’s beach is two miles from the property. Chautauqua Institution, the National Comedy Center, and Midway State Park are also identified among the surrounding attractions.
Key Highlights
- Four rental units with 6 bedrooms and 4 bathrooms
- Built in 1912
- One block from Chautauqua Lake
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$29,821
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.45%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$596,420
$596.4K
Cap Rate 7%
$426,014
$426.0K
Cap Rate 9%
$331,344
$331.3K
Market Conditions
NOI Build-Up for 3,604 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$48.7K $13.50/SF
− Vacancy
−$6.1K −$1.68/SF
EGI
$42.6K $11.82/SF
− OpEx
−$12.8K −$3.55/SF
NOI
$29.8K $8.27/SF
Area
Chautauqua County, NY
Vacancy
12.44%
Lease Rate
$13.50 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$596,420
Cap Rate 7%
$426,014
Cap Rate 9%
$331,344
Alternative Uses
Best Use
Multifamily LT 5
$426.0K
$372.8K – $497.0K
NOI $29,821 @ 7.0% cap · market cap 3.45%
Second Best
Apartment 5plus
$389.8K
$341.1K – $454.8K
NOI $27,285 @ 7.0% cap · market cap 3.15%
Theoretical Best
Office A
$1.08M
$943.9K – $1.26M
NOI $75,511 @ 7.0% cap · market cap 8.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
130
Businesses Nearby
Explore this area
Business Placement
Demographics for 14712, NY
3,242
Population
2,273
Households
1.4
Avg Household Size
51
Median Age
30%
College-Educated
99%
High-School Grad
25.8 sq mi
ZIP Area
126
Density / Sq Mi
$77,423
Median Household Income
$46,767
Median Earnings
$775
Median Rent
$219,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Multi-unit lodging asset near Chautauqua Lake, village attractions, and public boating access.
Where is this quadplex located?
The property is located at 15 Main Street Bemus Point, NY.
What is the asking price?
The asking price for this property is $864,900.
What are key features of this property?
This property features: Four rental units with 6 bedrooms and 4 bathrooms; Built in 1912; One block from Chautauqua Lake
